Section 58-9-13 - Effect on existing corporations.
58-9-13. Effect on existing corporations.
Any corporation organized and lawfully engaged in the trust business in the state for a period of at least one year prior to the effective date of the Trust Company Act [58-9-1 NMSA 1978] is entitled to receive a certificate within the provisions of the Trust Company Act upon written application to the commissioner [director of the financial institutions division of the regulation and licensing department]. The application shall be accompanied by a copy of the corporate articles and bylaws and by a sworn statement of the corporation that it has a paid-in capital stock of at least one hundred and fifty thousand dollars ($150,000). Upon receipt of the application and other required documents, the commissioner [director] shall issue the requested certificate and the corporation shall continue in business subject to the provisions of the Trust Company Act.